Daily Brief Health Care: Remegen , Integra Lifesciences Holdings, Basilea Pharmaceutica Ag and more

• We believe RemeGen has bottom fishing value because its Systemic Lupus Erythematosus (SLE) drug Telitacicept (RC18) has already been approved for sale in China.
• Earliest data read in US clinical trial for IgA Nephropathy is already available, with SLE data read available in C3Q24 and MS in C4Q24;
• We don’t think a leading biotech from the wealthy city of Yantai will run out of cash. We assume RemeGen will be able to mitigate its liquidity problem.

Key points (machine generated)

• Integra enjoys a high level of trust in the quality and reliability of its products, particularly in the neurosurgical equipment and wound healing grafts segments.
• The acquisition of Codman in 2017 resulted in a significant expansion of Integra’s neurosurgery sub-segment.
• Surgeons prefer Integra’s brands due to their superior performance and the trust they have in the company’s products. The tissue segment uses a variety of raw materials, including animal sources and synthetic materials.

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Basilea has announced receipt of its first sales-related milestone (for an undisclosed amount) from distribution partner Knight Therapeutics. The payment was triggered by combined Cresemba sales in Latin America exceeding a pre-defined sales threshold. Cresemba continues to see strong market traction for the treatment of invasive aspergillosis and mucormycosis, with the drug reporting in-market sales of US$445m in the 12 months ending September 2023 (+22% y-o-y), reflecting a growing market share in value terms (15% globally and 38% in the US among best-in-class antifungals). In FY23 Basilea recorded around CHF30m in milestone payments for lead product Cresemba, including CHF25m from Pfizer in Europe (>CHF355m in upfront and milestone payments received to date). In December 2023, Cresemba was granted a paediatric label expansion in the US, extending market exclusivity to September 2027 (EU decision anticipated in Q124), by which time we estimate sales to peak at c US$700m.